Discounted Cash Flow (DCF) Analysis Levered

Bastide Le Confort Médical SA (BLC.PA)

32.4 €

+0.90 (+2.86%)

All numbers are in Millions, Currency in USD

Stock DCF: 153.56 | 32.4 | undervalue

Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	289.05	338.40	382.71	444.07	468.30	528.78	597.06	674.17	761.23	859.54
Revenue (%)
Operating Cash Flow	50.41	61.02	47.33	74.36	56.86	81.14	91.62	103.45	116.81	131.89
Operating Cash Flow (%)
Capital Expenditure	-38.28	-34.37	-39.79	-46.51	-53.27	-58.85	-66.45	-75.03	-84.72	-95.66
Capital Expenditure (%)
Free Cash Flow	12.13	26.65	7.54	27.85	3.59	22.29	25.17	28.42	32.09	36.23

Weighted Average Cost Of Capital

Share price	$ 32.4
Beta	1.089
Diluted Shares Outstanding	7.37
Cost of Debt
Tax Rate	34.90
After-tax Cost of Debt	1.58%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.656
Total Debt	419.23
Total Equity	238.90
Total Capital	658.13
Debt Weighting	63.70
Equity Weighting	36.30
Wacc

Build Up Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	289.05	338.40	382.71	444.07	468.30	528.78	597.06	674.17	761.23	859.54
Operating Cash Flow	50.41	61.02	47.33	74.36	56.86	81.14	91.62	103.45	116.81	131.89
Capital Expenditure	-38.28	-34.37	-39.79	-46.51	-53.27	-58.85	-66.45	-75.03	-84.72	-95.66
Free Cash Flow	12.13	26.65	7.54	27.85	3.59	22.29	25.17	28.42	32.09	36.23
WACC
PV LFCF						21.40	23.20	25.16	27.27	29.57
SUM PV LFCF										126.60

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	4.15
Free cash flow (t + 1)	36.96
Terminal Value	1,719.03
Present Value of Terminal Value	1,402.77

Intrinsic Value

Enterprise Value	1,529.37
Net Debt	397.10
Equity Value	1,132.27
Shares Outstanding	7.37
Equity Value Per Share	153.56